Cantor Fitzgerald lowered its price target on Strategy (MSTR) to $186 from $212 while maintaining an overweight rating, citing a more conservative bitcoin price assumption in its outlook for the bitcoin treasury company.
The adjustment reflects a shift in Cantor's near-term valuation but not its fundamental thesis. Cantor expects Strategy to restore its stock to par value, resume credit issuance, and continue expanding its bitcoin holdings, according to the analyst note.
Strategy trades at a discount to net asset value, a persistent feature of bitcoin treasury companies since 2024. The gap between market price and underlying bitcoin holdings has widened and narrowed with shifts in bitcoin prices and credit market conditions. Cantor maintains an overweight stance.
The $26 price target reduction represents a 12 percent cut from the prior level. Cantor's shift in bitcoin price assumptions drove the change, though the firm did not provide revised bitcoin forecasts in public statements.
Strategy holds approximately 424,000 bitcoin as of August 2026, making it the largest corporate holder of the asset. The company has used debt financing to acquire bitcoin, a strategy that amplifies gains when bitcoin rises and losses when it falls. Strategy's debt-to-equity structure means movements in bitcoin price flow directly to equity value.
Cantor maintains an overweight rating despite the lower target. The firm expects credit markets to remain accessible enough for additional issuance, betting on continued institutional appetite for bitcoin-backed debt.
Cantor's price target of $186 implies upside of 13 percent from Strategy's recent trading levels, though that computation depends on current market price holding stable. The $26 reduction widens the gap between Cantor's view and more bullish estimates from other analysts tracking the stock.
